The Globe and Mail reports in its Friday, Feb. 16, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his view of Toromont Industries as "a defensive industrial name with growth characteristics" after the company announced "strong" Q4 results and a 12-per-cent increase in its dividend. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev rates Toromont "outperform," with a share target of $137. Analysts on average target the shares at $132.33. Mr. Sytchev says in a note: "Toromont delivered another solid quarter in absolute (good bookings, stable margins off very high levels, SG&A control, EPS growth) and relative terms (4-per-cent gain for product support characterized by parts and services momentum and no unusuals). While we always hear that Toromont's valuation is 'expensive,' the premium appears to be justified when considering the investment thesis holistically, driven by Eastern Canadian demographic trends that are more predictable in nature while also sporting a net cash balance sheet that affords another double-digit increase in the dividend." Toromont raised its quarterly dividend for the 35th consecutive year by 12 per cent to 48 cents.